Nine Dragons Sets an IPO
Raising Up to $436 Million

HONG KONG -- Chinese packaging-paper supplier Nine Dragons Paper (Holdings) Ltd. said it would raise as much as $436 million in an IPO to cut debt and to fund its plan to expand market share in China.

Zhang Chengfei, deputy chief executive officer, said at a news conference that the company, which controls about 16% of the market, would aim to increase its market share by expanding production lines. He gave no further details.